Short Interest in Mercantile Bank Co. (NASDAQ:MBWM) Declines By 22.1%

by · The Markets Daily

Mercantile Bank Co. (NASDAQ:MBWM – Get Free Report) was the target of a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 126,200 shares, a decrease of 22.1% from the October 15th total of 162,000 shares. Currently, 0.8% of the shares of the stock are short sold. Based on an average daily volume of 60,600 shares, the days-to-cover ratio is presently 2.1 days.

Mercantile Bank Stock Down 0.7 %

Shares of NASDAQ MBWM traded down $0.35 during midday trading on Friday, reaching $49.10. The company’s stock had a trading volume of 52,195 shares, compared to its average volume of 59,511. Mercantile Bank has a fifty-two week low of $33.46 and a fifty-two week high of $51.31. The stock has a 50 day simple moving average of $44.44 and a 200-day simple moving average of $42.51. The stock has a market capitalization of $792.47 million, a price-to-earnings ratio of 9.86 and a beta of 0.95. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 0.95.

Mercantile Bank (NASDAQ:MBWM – Get Free Report) last posted its quarterly earnings data on Tuesday, October 15th. The financial services provider reported $1.22 EPS for the quarter, topping analysts’ consensus estimates of $1.18 by $0.04. The company had revenue of $93.08 million during the quarter, compared to the consensus estimate of $56.83 million. Mercantile Bank had a net margin of 22.77% and a return on equity of 14.59%. During the same period in the prior year, the business posted $1.30 EPS. Equities research analysts predict that Mercantile Bank will post 4.87 earnings per share for the current year.

Mercantile Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 18th. Stockholders of record on Friday, December 6th will be paid a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date is Friday, December 6th. Mercantile Bank’s dividend payout ratio is currently 28.92%.

Insider Activity

In related news, Director Robert B. Kaminski sold 4,000 shares of the company’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $49.51, for a total value of $198,040.00. Following the completion of the sale, the director now owns 25,610 shares in the company, valued at approximately $1,267,951.10. This represents a 13.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Michael H. Price sold 5,000 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $45.57, for a total transaction of $227,850.00. Following the completion of the sale, the director now owns 21,556 shares in the company, valued at approximately $982,306.92. This trade represents a 18.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 9,500 shares of company stock valued at $446,960 over the last three months. 3.08% of the stock is owned by insiders.

Hedge Funds Weigh In On Mercantile Bank

Hedge funds and other institutional investors have recently made changes to their positions in the company. AQR Capital Management LLC increased its position in Mercantile Bank by 108.7% during the second quarter. AQR Capital Management LLC now owns 174,355 shares of the financial services provider’s stock worth $7,074,000 after buying an additional 90,802 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of Mercantile Bank by 18.2% during the 2nd quarter. American Century Companies Inc. now owns 308,849 shares of the financial services provider’s stock worth $12,530,000 after acquiring an additional 47,528 shares during the last quarter. LSV Asset Management raised its stake in Mercantile Bank by 15.4% in the 2nd quarter. LSV Asset Management now owns 260,129 shares of the financial services provider’s stock valued at $10,553,000 after acquiring an additional 34,725 shares during the period. Vanguard Group Inc. lifted its holdings in Mercantile Bank by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 805,334 shares of the financial services provider’s stock valued at $30,997,000 after purchasing an additional 21,616 shares during the last quarter. Finally, Inspire Investing LLC boosted its position in Mercantile Bank by 218.8% during the second quarter. Inspire Investing LLC now owns 29,820 shares of the financial services provider’s stock worth $1,210,000 after purchasing an additional 20,465 shares during the period. 58.63% of the stock is owned by institutional investors.

Mercantile Bank Company Profile

(Get Free Report)

Mercantile Bank Corporation operates as the bank holding company for Mercantile Bank of Michigan that provides commercial and retail banking services to small- to medium-sized businesses and individuals in the United States. It accepts various deposit products, including checking, savings, and term certificate accounts; time deposits; and certificates of deposit.

Further Reading